ELECTRIC VEHICLE FLEET MANAGEMENT
Tesla cars for first time on Chinese government purchase list
Tesla's Model Y has been included in a list of electric and plug-in hybrid models that local governments in China can purchase as service cars. This is the first time Tesla's cars have been eligible for government purchases in China. The Jiangsu provincial government published 56 batches of new energy vehicle procurements for use as service cars by party, government, and public organizations.
China's BYD opens EV factory in Thailand, first in Southeast Asia
The BYD plant is part of a wave of investment worth more than $1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives.
Volvo to launch only EVs in India, plans one new car every year
Swedish luxury carmaker Volvo Cars plans to exclusively launch electric vehicles in India after 2030. Volvo aims to introduce one new electric vehicle annually, starting with the EC30 in 2025. The market for electric cars in India, though currently small, is growing rapidly. Volvo holds a significant share in the luxury EV segment in India and sees potential for further growth in the country's luxury vehicle market.
Mahindra & Mahindra selects ABB technology for new EV paint facility
M&M partners with ABB using PixelPaint tech to offer precise finish application without disrupting production line for personalization options on new EVs, marking a significant advancement in the automotive industry.
Matter Group raises USD 35 mn from US-based Helena, others
Matter Group secures a significant USD 35 million Series B funding led by Helena, with plans to deliver advanced AERA electric motorbikes in India to address global climate challenges.
Tata Motors' passenger EV sales dropped 34 pc in June
Tata Motors experiences sales decline in passenger vehicles, including EVs, in June. Despite challenges, the company foresees a recovery in demand, especially with the upcoming festive season. Tata Motors stands ready to capitalize on growth opportunities, driven by a strong SUV portfolio and expanding presence in the international market.
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Tata Motors domestic sales dip 8 pc in June
Tata Motors reported an 8% decline in total domestic wholesales to 74,147 units in June, with passenger vehicle sales at 43,624 units. The company anticipates a demand recovery with a strong enquiry pipeline and the upcoming festive season in August. Focus remains on the SUV portfolio, especially Punch and Nexon models, as the industry prepares for growth.
BGauss RUV 350 electric scooter launched: Specs, variants, and prices revealed
The top-spec RUV 350 Max model offers advanced features like hill-hold assist, a fall detection system, and turn-by-turn navigation, making it a comprehensive and innovative choice in the EV market.
Budget 2024: Tata Motors expects policy continuity in electric mobility
Tata Motors expects policy continuity in the upcoming Union Budget and calls for more players in the charging infrastructure space for faster adoption of electric mobility in India. The new NDA government is expected to present the Union Budget next month, with GST and PLI schemes already in place.
Brookfield targets USD 10 billion investments in renewable sector
Canada’s Brookfield Asset Management plans to triple its investments in India’s renewable energy sector to over $10 billion within the next three to four years. The firm is also exploring opportunities in electric vehicles and green hydrogen. With a current portfolio of over 25 GW, Brookfield is the second-largest investor in India’s green energy assets. Through its new Catalytic Transition Fund, Brookfield aims to further its commitment to clean energy and transition projects in emerging economies, including India.
eBikeGo plans to expand e-two-wheeler fleet to 1 lakh units by FY26
eBikeGo, under the leadership of founder and CEO Irfan Khan, plans to expand its e-two-wheeler fleet to 1-lakh units by FY26, targeting the growing last-mile and e-commerce segment.
Expo Centre Sharjah signs agreement to launch Middle East Electric Vehicle Show 2025
Expo Centre Sharjah (ECS) has forged a strategic partnership with MIE Events to debut the Middle East Electric Vehicle Show (MEEVS) in 2025 at the Centre. This groundbreaking agreement paves the way for the region's premier electric vehicle event, set to feature over 100 leading global brands. MEEVS aims to spotlight the future of sustainable transportation by showcasing cutting-edge electric, hydrogen, and hybrid vehicles, as well as electric bikes, and innovative technologies in the electric transport sector.
Haryana government to launch Rs 10,000-crore project to combat air pollution
Haryana Chief Secretary announced a Rs 10,000-crore project funded by the World Bank to tackle air pollution. The project aims to improve air quality in Haryana, starting with the NCR districts and expanding state-wide later.
Mirae Asset Mutual Fund files draft document with Sebi for Nifty EV & New Age Automotive ETF
Mirae Asset Mutual Fund has filed a draft document with SEBI for India's first ETF focused on Electric Vehicles (EV) and New Age Automotive. The fund will track Nifty EV & New Age Automotive Index.
Series AA 127- The EV transformation-Part 1: How a multibagger got fresh tailwinds & gave 22,334% return in the last 20 years
Excerpts from its annual report for 2017-18. ELECTRIC VEHICLES – THE NEW MARKET DISRUPTOR “We are anticipating the next market disruption through electric vehicles. We are closely reviewing and watching the situations and doing our ground level work. We are also mapping all of our existing products vis-à-vis EV to capitalise on the opportunities EV will throw at the component manufacturers, whether it is motors, batteries or any other system which will come into the electric vehicles, totally different from the conventional IC engine” Cut to August 2023, five years down the line, the company commissions two plants for making on-board charger, off-board charger, motor control Units, DCDC converters, battery management systems, and more products catering to EV 2-wheelers and 3-wheelers. Now this is a reflection of the speed at which an auto ancillary company needs to function and also the product range it needs to have if it has to stay relevant in the changing world of the auto Industry. Foresight, planning and timely execution is the key.
NSE launches Nifty500 Equal Weight index; base date April 1, 2005
The index will serve as a benchmark for asset managers and a reference index for passive funds such as ETFs, index funds, and structured products, according to the release.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
NSE Indices launches India’s first electric vehicle index
NSE’s index services subsidiary, Nifty EV & New Age Automotive index, will track the performance of companies forming a part of the EV ecosystem. With the base date fixed on April 2, 2018, and the base value at 1,000, the index will be reconstituted semi-annually and rebalanced on a quarterly basis.
Series AA 127- The EV transformation - Part 1: How a multibagger got fresh tailwinds & gave 22,204% return in last 20 years
Below are the excerpts from its annual report of 2017-18. ELECTRIC VEHICLES – THE NEW MARKET DISRUPTOR | “We are anticipating the next market disruption through electric vehicles. We are closely reviewing and watching the situations and doing our ground level work. We are also mapping all of our existing products vis-à-vis EV to capitalise on the opportunities EV will throw at the component manufacturers, whether it is motors, batteries or any other system which will come into the electric vehicles, totally different from the conventional IC engine.” Cut to August 2023, five years down the line, the company commissions two plants for making on-board charger, off-board charger, motor control Units, DCDC converters, battery management systems, and more products catering to EV 2-wheelers and 3-wheelers. Now this is a reflection of the speed at which an auto ancillary company needs to function and also the product range it needs to have if it has to stay relevant in the changing world of the auto Industry. Foresight, planning and timely execution is the key.
EV ride-hailer BluSmart seeks $300 million to expand car fleet
BluSmart, India’s top electric cab operator, aims to raise $300 million to expand its fleet with cars from top manufacturers, targeting major cities for premium service. The company focuses on electrification and sustainability efforts in India, with plans to double revenue by 2025.
IAMAI seeks two-month extension of deadline for declaring vehicle fleet details
IAMAI, representing food delivery giants Zomato and Swiggy, ride-hailing companies Ola, Uber, and Rapido, has requested a two-month delay from the Delhi government for these platforms to report on their existing vehicle fleets.
Zypp Electric raises $15 million from Japanese firm Eneos for India expansion
Zypp Electric confirmed funding from Eneos as part of a larger $40 million round. Existing investors like 9unicorns and IAN also participated in the fundraising. The company's revenue increased threefold to Rs 325 crore in 2023-24.
Ashok Leyland to unveil 5-6 new products under LCV segment: MD
Earlier today, Ashok Leyland announced a 16.73 percent rise in consolidated net profit, reaching Rs 933.69 crore in the January-March 2024 quarter, compared to Rs 799.87 crore recorded in the corresponding period of the previous fiscal year.
Talent demand in EV segment drives in new roles and contract hiring
The electric vehicle (EV) industry is booming, creating a demand for diverse skills and expertise. Opportunities span technical, leadership, and operational roles. Contract staffing is playing a crucial role in meeting the industry's needs, with a focus on talent development and agile solutions. Leaders face challenges in talent acquisition and navigating industry dynamics amidst rapid advancements.
The rising role of software in electric vehicles
Altigreen enhances 3Ws with software for battery management, motor control, diagnostics, telematics, user interface, and energy-saving algorithms. Data monetization and government support may offset costs.
EV components maker Matel raises $4 million in funding
Matel makes components like power trains and motor control units for EVs. This funding round saw participation from investors like Nikhil Kamath-backed Gruhas and from Haresh Abichandani, the founder of electronic components firm Millenium Semiconductor.
Tata Motors launches Tata Ace EV 1000 mini truck
Tata Motors launched the Ace EV 1000 mini-truck for last-mile mobility with a 1-tonne payload and 161km range. It features advanced technology like the EVOGEN powertrain, robust aggregates, and a 7-year battery warranty.
Prices can't dampen EV sales as it steps on leasing pedal
Leasing is becoming a key driver in electric vehicle (EV) sales in India, especially as the high upfront cost remains a barrier to adoption. Companies like Quiklyz, Ayvens, and Lithium Urban Technologies are witnessing significant growth in the EV leasing business. Fleet operators and logistics companies find leasing more economical than purchasing due to lower total cost of ownership and the ability to channel capital to other parts of their business. Leasing also offers flexibility and technology risk mitigation in the rapidly evolving EV industry.
Macquarie to invest $1.5 billion in EV sector through Vertelo
Australia's Macquarie Asset Management plans to invest $1.5 billion in India's electric vehicle sector through its new platform Vertelo, offering fleet electrification solutions. The platform, backed by the Green Climate Fund, aims to reduce greenhouse gas emissions by 9.5 metric tonnes. Vertelo has already secured agreements with companies like Chalo Mobility, JBM, Eka Mobility, and Tata Motors to supply electric vehicles and develop charging infrastructure. Macquarie Group sees this investment as a step towards India's energy independence and combating climate change.
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